Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Bad Credit

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bad Credit

    Hi All

    I am in need of advice and am hoping someone here can help. I know you have probably heard all of this before but any help is greatly appreciated.

    My situation is that I have a default on my credit file which I got while at university. The default is for £313 and is just over 4 years old now.

    I would really like to get a mortgage but I'm very concerned that it isn't going to be possible until the default drops off.

    My girlfriend has a small mortgage on a flat but we would love to live in a house, living in the south doesn't make this easy. I now have a good job and have been in full time employment since leaving uni. Needless to say I regret this default a great deal.

    My main question is, is it possible to get a 90% mortgage with a 4 year old default on your file?

    Many Thanks

    Rob

  • #2
    Re: Bad Credit

    There are some lenders who offer mortgages direct to customers only that will ignore your default.

    I think Ipswich BS will ignore a default if it is either over 3 years old or under £500. Both of which applies to you.
    Worldwide Financial Planning is a specialist independent provider of Large mortgages.

    Comment


    • #3
      Re: Bad Credit

      Yes it is potentially possible, it depends on the lender. Most lenders will use Equifax or Experian to get your credit check from. You can get a copy of your credit rating from either company for very little cost. This would enable you to find out what state your credit file is in.

      If you find a lender you want to make an application with, you can always ask one of their sales people to check with their underwriters to see whether this might have an impact. Doing this will save you the hassle of going through an application only to be declined.

      If you don't want to give your potential lender your name you don't have to, simply telephone them and ask them how their underwriting criteria would be applied to someone in your position
      Best wishes

      Sean Hughes

      Independent Financial Adviser

      Comment


      • #4
        Re: Bad Credit

        I believe it is possible. It depends on the lender. There are some who offer mortgages that will completely ignore your default.

        Comment


        • #5
          Re: Bad Credit

          Good luck, it would be a tad unfair if you couldn't for such a small amount when you were a student!
          Looking for a large mortgage?

          Comment


          • #6
            Re: Bad Credit

            You just have to knock on lender doors, until someone will say yes.

            With your bad credit history it wont be easy.

            Good luck with your mortgage

            Comment


            • #7
              Re: Bad Credit

              There are some lenders who offer mortgages direct to customers only that will ignore your default.

              Comment


              • #8
                Re: Bad Credit

                In addition to Sean's reply, be careful how many lenders you approach as each time your credit record is checked it can have a negative impact on your credit score. So I would do as Sean says and ask first before making the application, that way you save both the time in making the application and reduce the risk of further damage to you credit score.
                Last edited by spes123; 23-03-2011, 09:37 AM. Reason: spelling error
                Bad Credit Loans

                Comment


                • #9
                  Re: Bad Credit

                  Its a kind of gamble for you, explaining what is the truth might help you, but you will never blame those companies to have some suspicious look for you. Just remember to be honest and mark your word from now on.
                  commercial refinancing solutions

                  Comment


                  • #10
                    Re: Bad Credit

                    There are currently a number of mortgage lenders who will ignore historic adverse credit, typically over 2 years old. Some lenders will ignore current small defaults and ccjs

                    Comment


                    • #11
                      Re: Bad Credit

                      Hi Rob2D2

                      I would say it's probably a good investment to get a mortgage broker in your very specific situation. Your issue seems to be getting a mortgage at all, so they would be worth the money to track down a mortgage for you.
                      Free Guides For First Time Buyers!

                      www.FirstTimeBuyerGuru.com

                      Comment


                      • #12
                        Re: Bad Credit

                        You are unlikely to get a 90% mortgage we are in the process of setting up on our own but through recent applications you will not get a 90% mortgage.
                        To get the best rates\deals possible you need the top tier credit rating in experian.Is the default now settled,this helps,if it is not you will not get a chance of the better rates.
                        Most companies refuse to remove defaults btw settled or not.
                        Estate Agents Aberdeen

                        Comment


                        • #13
                          Re: Bad Credit

                          There's a few lenders who should lend on a small and historic Default at 90% LTV, try Saffron Building Society. Don't try too many mortgage lenders, because of credit searches - try using a mortgage broker instead.

                          Comment


                          • #14
                            Re: Bad Credit

                            UK Mortgage Broker is absolutely right,

                            Make it very clear that you only wish to get a quote for mortgages, not an actual application. Only when you've read all the small print and see absolutely no reason you'd get rejected should you officially apply for a mortgage.

                            A large number of searches on your credit file within any 3 month period can be very bad for your credit score.

                            Dan
                            Free Guides For First Time Buyers!

                            www.FirstTimeBuyerGuru.com

                            Comment


                            • #15
                              Re: Bad Credit

                              I think it would be best to search for mortagge advisors online and get some good solid advice on this topic. Therefore they will give you sound advice to your specific situation as some lenders play to different rules. so just have a search around.
                              We have debt solutions to help you get out of debt problems

                              Comment

                              Working...
                              X